And let’s be clear: this is not Keynesian: the claim that we’ll all be Keynesian now will be heard, but Keynes’ relationship with deficit spending was complex, and (to be candid) he did not and could not have comprehended the type of situation we’re now in with the type of economy we now have.

Keynes had just lived through the Great Depression. But he wouldn’t understand a few months of disease related economic disruption.

Still, cometh the time, cometh the man, we are safe with the Sage of Ely.

And this is why his measures should include:

a) Underwriting banks

b) Underwriting insurance companies

c) Bank loan repayment holidays

d) Rent payment holidays

e) Tax payment holidays

f) A VAT cut

g) A universal basic income

h) Rationing

i) Price controls

Well there’s a certain truth that this isn’t Keynes. Price controls for example:

For these reasons, even liberal economists like John Maynard Keynes have opposed wage and price controls. As he wrote in The Economic Consequences of the Peace, “The preservation of a spurious value for the currency, by the force of law expressed in the regulation of prices, contains in itself … the seeds of final economic decay, and soon dries up the sources of ultimate supply.”

But, you know, the Sage of Ely:

This is modern monetary theory in action. All ideas have their time. The world has just realised that the idea that money can be created out of thin air for the public good, and that using that ability to keep people at work is a far more important objective than balancing books, has arrived. There aren’t many modern monetary theorists in the world but they’re very badly needed right now to explain that this is the only sane route down which we can now travel.

One of those experts the world needs right now being both Sage and in Ely.

8 thoughts on “Ahahahahaha”

  1. But, wasn’t he suffering from coronavirus yesterday? Is this the fastest ever recovery or is he just a self-pitying and self-important twat? What a mix of attributes. It is scarcely imaginable unless you are also totally lacking in self-awareness

  2. Dennis, He Who Has A Degree In Economics

    Keynes had just lived through the Great Depression. But he wouldn’t understand a few months of disease related economic disruption.

    Well, Spud doesn’t understand a few months of disease related economic disruption, so it figures that J. M. Keynes wouldn’t either.

    Am I right?

  3. Americans taking about helicopter money it seems, within 2 weeks, this should be interesting.
    I expect an article about Trump trying to buy the election to arrive before a single cheque is sent.

  4. Maybe he’s bluffing Bloomberg into making a drop… While planning to trump the Dems nearer the election

  5. ‘The world has just realised that money can be created out of thin air’. Read any history book at all and you’ll discover that this idea is as old as money.

  6. Underwriting banks

    Yesterday he wanted to nationalise banks and everything else. ‘Ragging’ suggests humorous rebuff. ‘Castigating Ritchie’ more appropriate

  7. e) Tax payment holidays

    Coronavirus must have mutated into CJD in the Potatoo formerly known as Professor’s brain. How does he suggest govt pays for everything without tax receipts? Thought he loved taxes and we should all pay more. He’s definitely suffering from a fever.

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